Representatives of Burrard Group and Realogics Sotheby’s International Realty recently released a development update for the forthcoming NEXUS Condominium Tower, as vertical building has officially commenced and homes on levels 28 and 35 in the third cube have been revised into 16 City Suites that will be priced from the mid-$500,000s to the mid-$600,000s, a price range previously sold out for the project.

The change in the final product offering comes after Burrard analyzed market demand, as an influx of buyers looking to secure in-city homeownership has pushed downtown Seattle condo prices up by 33-percent compared to this time last year with a median sales price of $649,500 in October. The design revision accommodates the City Suites, which will offer 484 square foot studios and 503 square foot urban one bedrooms. To be sure, recent research by RSIR indicates that 78-percent of the nearly 500 new condominiums currently being built in downtown Seattle have already presold, as nearly all remaining homes available on the market are priced above $700,000.

Dean Jones, President and CEO of Realogics Sotheby’s International Realty acknowledged the lack of attainably priced homes in downtown Seattle. “Consumers can afford to live in less space but they can’t always afford the cost of new condominiums,” Jones said. “We’re facing a condo crunch as more and more apartment dwellers desire homeownership but there are few options available in the market.”

Given pent up demand, market experts anticipate that the release of the City Suites at NEXUS will sell out quickly when they list on November 18th. With rising construction costs and demand, Chad Mathis, Senior Development Manager with Burrard says “the reality is future deliveries will cost more to build and developers will need to charge more to make new developments pencil.”